Exim Bank logs Rs 1,556 cr net in FY23

CHENNAI: The Export-Import Bank of India (Exim Bank) on Friday said it closed FY23 with an after tax profit of Rs 1,556 crore.

According to Exim Bank, the company closed FY23 with a net profit of Rs 1,556 crore up from Rs 738 crore logged during FY22.

During the year under review, the bank had sanctioned loans aggregating Rs 79,764 crore to enhance export capabilities of Indian companies and support development priorities of partner countries.

The Bank has a portfolio of 303 Government of India-supported Lines of Credit (LOCs) with credit commitments aggregating $ 31.85 billion, which are at various stages of implementation.

With ever expanding reach, the LOCs have gained momentum in stimulating economic growth across 68 countries in Africa, Asia, Latin America, Oceania and the CIS region.

During FY23, the Bank supported 37 new contracts valued over $ 1 billion. On behalf of the Government of India, the Bank sanctioned seven LOCs, aggregating $670.32 million, to support export of projects, goods, and services from India.

Last fiscal, the Exim Bank provided support of Rs 72,521 crore to Indian companies to build export capacity and boost export competitiveness under the Commercial Business.

Further, the Bank supported 75 project export contracts valued at Rs 43,421 crore under its commercial portfolio, in 37 countries.

The bank said it had also provided aggregate overseas investment finance of Rs 67,082 crore to support 671 Joint Ventures/Wholly Owned Subsidiaries, set up by 495 Indian companies in 78 countries.

During FY23, Exim Bank had raised aggregate resources of Rs 52,156 crore, including foreign currency resources of $ 3.47 billion.

The bank opened the international markets for Indian issuers with a benchmark-sized Sustainability Bond of $1 billion in January 2023, under its Environmental Social and Governance (ESG) Framework.

Proceeds of the bond are being used towards projects such as renewable energy, clean transportation, access to essential services and basic infrastructure, affordable housing, water and waste management, the bank said.